Now, use your paragraph to inform Frankie about his options. In this paragraph, describe the economic concepts that you used in your outline. Explain how each of these concepts will help Frankie to make a decision.

Frankie should consider several strategies before buying a new pair of shoes. First, he should think about whether these shoes are a need or a want. Next, he should consider opportunity cost. If he buys the shoes, how else could he have spent that money? Could he have made better use of his resources? Finally, he must consider the issue of setting goals. He must identify whether this is a goal to accomplish now or in the future.